Tether's Excess Reserves Plummet to $4.11B Amid Q2 Financial Report

Tether's excess reserves dropped significantly in Q2 to $4.11 billion from $8.23 billion at the end of the previous quarter.

According to the company's financial report, its assets stood at $187.75 billion against liabilities of $183.64 billion as of June 30.

Tether's net operating profit for Q2 was approximately $1.5 billion, driven by a portfolio of U.S. Treasury bonds and reverse repo agreements.

The issuance of USDT increased by $446 million to $184.6 billion during the quarter.